Author: Press Room
If a company wants to earn better than average profits it has two choices: Provide the industry’s most valuable product at a high price (a differentiation strategy). Ship a good product at the industry’s lowest price (low cost producer strategy). Selling your product at the industry average price — stuck in the middle strategy — is a recipe for average profitability. Tesla’s middle-of-the-road approach will struggle to convince increasingly cash-strapped customers to buy its excess inventory. The result: Tesla’s first-quarter profit plunged, causing its stock to drop 8% in pre-market April 20 trading. Tesla CEO Elon Musk’s tendentious explanation is…
Big banks just had a busy earnings week, and a few beat expectations. Two of them were Citi and Bank of America , both of which exceeded forecasts on revenue and other metrics. “There are expectations for greater regulatory oversight given SIVB’s failure, but large banks are well prepared and we do not expect sizeable changes for them. Smaller banks will likely bear the brunt of additional regulatory scrutiny,” said Stephen Biggar, director of financial institutions research at Argus Research. Since the start of the banking crisis, Bank of America is still down less than 1% and more than 8%…
DEARBORN, Mich. — New video footage of a fire involving a Ford F-150 Lightning this year highlights a growing concern around electric vehicles: volatile fires from the batteries that power them.The previously unreleased footage, which CNBC obtained through Michigan’s Freedom of Information Act from the Dearborn Police Department, shows smoke billowing from three tightly packed electric pickups in a Ford Motor holding lot in Dearborn, Michigan.Moments later, flames shoot several feet above the vehicles, which were unoccupied. It wasn’t clear based on public documents and police video how long the fires burned. Experts say EV fires can take hours, rather…
Fox Corporation chief executive Lachlan Murdoch on Friday dropped his defamation lawsuit against the publisher of Crikey, the scappy Australian news and commentary site, after it published an article last year that called him an “unindicted co-conspirator” in the January 6 attack, his lawyer said. Murdoch’s lawyer, John Churchill, said Murdoch remained “confident” that he could ultimately prevail in the case, which had been scheduled to go to trial later this year. But, Churchill said, Murdoch did not wish to “litigate a case from another jurisdiction that has already been settled and facilitate a marketing campaign designed to attract subscribers…
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The BTC/USD has lost nearly 4.50% of its value in 24 hours, trading at $28,200. The leading cryptocurrency experienced a significant drop following a massive sell order on Binance.Additionally, the BTC/USD decline is attributed to investors’ concerns about ongoing inflation and rising interest rates.UK and Euro Area InflationOn Wednesday, economic data from the United Kingdom and the European Union alarmed traders. Persistent inflation suggests potential rate hikes and the possibility of a global economic downturn. Furthermore, this week’s comments from FOMC members fueled Fed anxiety. Raphael Bostic of the Atlanta Federal Reserve and James Bullard of the St. Louis Fed agreed…
Michael Bloomberg is contemplating who might eventually replace him, the Financial Times reported. The 81-year-old plans to give away most of his wealth that’s estimated at about $95 billion. Sources told the FT that Bloomberg may decide to shun internal frontrunners and bring in an outsider. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. download the app Michael Bloomberg is keeping his executives guessing about who might succeed him, and could even look outside his financial data powerhouse, a report said.The Financial Times interviewed several people close…
Media cuts have continued into 2023 after a year of layoffs throughout the industry. A pull-back of advertising tied to the declining economic outlook has affected all media. From tech disruptors like Netflix to legacy organizations like Disney, a range of companies are impacted. In the past year, the media and tech jobs market has gone from hot to not. HR managers have gone from figuring out ways to lure employees to mass firings amid a general pull-back of ads tied to the declining economic outlook.”The common wisdom is when the economic outlook turns bad, the very first thing to…
Chinese book publishers are releasing far fewer US-themed titles as tensions between the superpowers escalate and Beijing tries to curb what it sees as American influence on its citizens. Official data reveals that Chinese publishing houses last year rolled out 1,960 titles categorised by the books regulator as related to the US, down more than half from 2018. The decline came as the regulator — the Chinese Communist party’s central propaganda department — suspended or delayed approval of many popular American authors, such as Michael Lewis. His book The Premonition: A Pandemic Story, a bestseller in the west, failed to…
A Texas man facing charges in connection to the January 6, 2021, insurrection at the US Capitol opened fire on law enforcement officers last week when they arrived at his house in the Dallas area for a welfare check, according to an affidavit. Nathan Donald Pelham, who is charged with misdemeanors for entering the restricted Capitol building and disorderly conduct, now faces a charge of being a felon in possession of a firearm after opening fire on authorities from Hunt County Sheriff’s Office, according to court documents. Politico first reported the standoff with Pelham. CNN has reached out to Pelham’s…
